How Masala’s $34m recipe came unstuck, banks’ wallets still open for dairy farmers, Wynyard chases the wonky dollar

In today's NBR Print Edition: Substantial tax offending, money laundering, breaches of immigration laws and breaches of employment standards – that’s how a $34 million takeaway empire was allegedly built. Famous for its cheap curry offerings, most notably a $10 special, popular Auckland-based Indian restaurant chain, Masala grew quickly across the city. But, in December, the police seized the property associated with the well-known chain, as well as safe deposit boxes held at Westpac and NZ Mint, in what is believed to be the country’s single-biggest asset restraint order. Hamish McNicol traces the story so far.

Banks are showing few signs of abandoning dairy farmers despite the abysmal start to the dairying year. Not only that but some banks say they are willing to increase their exposure to dairy farmers. Jason Walls reports.

Having supposedly enticed investors to tip in $30 million at a premium $2 a share last year, sexy software company Wynyard Group [NZX: WYN] has had to backtrack as markets turn bearish. Next Thursday it will ask shareholders to let it raise equity in a placement at lower prices to keep its growth plan on track. Hunter’s Corner reckons rather than chasing fickle new money with unseemly haste, to the detriment of existing shareholders, Wynyard should be tapping the loyal support of those who have already bought the story.

Sky TV [NZX: SKT] and Spark [NZX: SPK]-owned Lightbox have been beaten in a bidding war for the broadcasting contract to the English Premier League by an arm of Al Jazeera, reports Campbell Gibson.

Global markets may have been put through the wringer so far this year but the New Zealand sharemarket is still above most other indexes. And analysts are forecasting steady earnings-per-share growth for the upcoming earnings season when listed companies reveal how they’ve fared over the past six months or year. Calida Smylie reports.

These stories and more in today's NBR Print Edition. Out now.

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